Selling a primary residence.-

QUESTION:
Hi David,
A friend of mine has bought a condo less then a year ago; but now he has to
move back to Europ and will need to sell it. This is his primary residence
(even more the building doesn't allow rentals). Will he have to pay tax on
the money earned if he sell it now (since he has kept it for less then a
year)??? Is there any time frame to keep your primary property to avoid to
be taxed on the gain???
Thanks in advance,
---------------------------------
david ingram replies;
If he bought it to live in and his fortunes have changed so much that he has
to leave the country, any profit should be tax free.
However, if he used a Homebuyer's Plan to buy it (loan from his own RRSP)
that money has to be repaid or is taxable to him on his departing tax
return.  That return should likely include Forms T1161, 1243 and 1244  if he
is leaving a securities account behind.
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